#e4mExclusive: India's M&E sector crossed Rs 2.5 tn in 2024, ad rev up 8%: FICCI-EY
Digital media has grown 17% to reach Rs 802 billion and the largest segment in 2024, says the FICCI-EY report
The latest FICCI-EY report titled, “Shape the future: Indian media and entertainment is scripting a new story” has revealed that the Indian Media and Entertainment (M&E) sector reached a total value of INR 2.5 trillion (US$29.4 billion) in 2024.
This represents a growth of INR 81 billion from the previous year, marking a 3.3% increase.
Growth slowed down from 8.3% in 2023, due to falling subscription revenues, and a global decline in Animation and VFX work outsourced to India. The sector contributed 0.73% to India's GDP in 2024.
As per the FICCI – EY report, digital media in India has overtaken television to become the largest segment within the M&E sector, contributing an unprecedented 32% to the overall revenues.
The Indian M&E sector's advertising revenues have seen an impressive growth of 8.1%, predominantly led by performance advertising on digital platforms, including e-commerce websites, and a surge in demand for premium and digital Out-of-Home (OOH) media.
This growth has been further bolstered by the resilience of print and radio retail advertising revenues. Digital media (17%), live events (15%), and OOH media (10%) have been key drivers of growth.
Kevin Vaz, Chairman, FICCI, Media and Entertainment Committee “The Indian media and entertainment industry is at a defining moment, driven by rapid digital adoption and evolving consumer preferences. This transformation is unlocking immense opportunities for content creators, advertisers, and technology innovators across all segments of the M&E ecosystem. With India’s media and entertainment market expected to surpass INR 3trillion by 2027, the future is brimming with untapped potential. FICCI remains committed to fostering collaboration and innovation to ensure that India’s M&E sector continues to thrive as a global powerhouse.”
Ashish Pherwani, Partner and Media & Entertainment Leader, EY India said, "The digital revolution has not only transformed how content is created and consumed but has also redefined the very essence of the M&E industry. From immersive storytelling and interactive experiences to innovative business models and strategic alliances, the landscape is continually reshaping itself. As digital media overtakes traditional mediums, we are witnessing a paradigm shift, where the value delivered across information, escapism, materialism, and self-actualization becomes the new benchmark for success.”
Jyoti Vij, Director General, FICCI "The FICCI-EY report reaffirms the resilience and dynamism of India’s Media & Entertainment sector, which continues to thrive despite global economic headwinds. The impressive 8.1% rise in advertising revenues and the exponential growth of digital media underscore India’s leadership in content creation and consumption. As the industry undergoes rapid transformation, FICCI remains steadfast in driving policy reforms, fostering strategic collaborations, and shaping a future-ready ecosystem that not only fuels sustainable growth but also strengthens India’s global influence in the M&E landscape."
